Palo Alto Market: Multiple Offers

For anyone following the Palo Alto Market, especially in South Palo Alto, things are pretty crazy.  Homes are once again getting multiple offers and there are many more people trying to buy right now, than there are homes to buy.  For some buyers this can be very discouraging if not downright maddening.  Many do not understand why their wonderful offer at or above asking is not getting accepted. What does it take to "win" in one of these multiple offer situations? How much risk are you willing to take to buy a Palo Alto home?

These are not easy questions to answer.  So as usual, I want to look at facts first.  

Summary Of Comparable Properties Single Family Residential   Address City Beds Bath DOM LOE SqFt $/SqFt Lot(SqFt) List Price Age Sale Price   SOLD  510 Jefferson Dr   Palo Alto   4   3|0  10   26   2,818   $691.98   11,400   $1,895,000   62   $1,950,000    675 Kellogg Av   Palo Alto   4   3|0  1   22   3,303   $590.37   5,600   $1,950,000   21   $1,950,000    820 Arroyo Ct   Palo Alto   5   3|1  5   27   3,095   $621.97   9,193   $1,899,999   12   $1,925,000    639 Homer Av   Palo Alto   3   3|0  1   32   1,925   $1,000   3,333   $1,925,000     $1,925,000    754 San Carlos Ct   Palo Alto   4   3|1  9   28   2,986   $644.68   9,200   $1,645,000   8   $1,925,000    593 Chimalus Dr   Palo Alto   4   3|1  5   36   2,405   $790.02   6,135   $1,850,000   3   $1,900,000    5 Phillips Rd   Palo Alto   3   2|1  6   30   2,220   $810.81   11,550   $1,695,000   63   $1,800,000    870 Garland Dr   Palo Alto   3   2|0  7   34   1,938   $890.09   6,962   $1,699,000   55   $1,725,000    3650 La Calle Ct   Palo Alto   3   2|0  7   29   1,659   $994.58   13,395   $1,495,000   70   $1,650,000    2207 Greer Rd   Palo Alto   5   3|0  7   14   2,304   $694.44   7,902   $1,249,000   54   $1,600,000    595 Homer Av   Palo Alto   3   2|1    8   1,500   $1,066.67     $1,575,000     $1,600,000    225 Wilton Av   Palo Alto   4   3|1  7   27   2,304   $690.1   5,970   $1,590,000     $1,590,000    975 Stanley Wy   Palo Alto   3   2|0  1   18   1,394   $1,111.91   9,364   $1,298,000   61   $1,550,000    959 Mears Ct   Palo Alto   4   2|0  7   27   2,447   $628.52   12,100   $1,538,000   42   $1,538,000    797 Cereza Dr   Palo Alto   3   3|0  8   34   2,022   $751.73   8,250   $1,500,000   61   $1,520,000    2036 Emerson St   Palo Alto   2   2|0  7   8   1,502   $1,006.16   5,000   $1,445,000   52   $1,511,250    889 La Para Av   Palo Alto   3   1|0  8   33   1,169   $1,267.75   9,738   $1,349,000   70   $1,482,000    828 Esplanada Wy   Palo Alto   3   2|0  8   41   1,765   $793.2   11,186   $1,470,000   53   $1,400,000    4012 Scripps Av   Palo Alto   5   2|0  6   35   2,078   $673.72   7,650   $1,395,000   56   $1,400,000    620 Saint Claire Dr   Palo Alto   3   2|0  10   31   1,365   $975.09   6,100   $1,295,000   58   $1,331,000    233 Creekside Dr   Palo Alto   3   2|0  7   27   1,674   $776.58   7,260   $1,299,000   57   $1,300,000    3193 Bryant St   Palo Alto   3   2|0  10   33   1,408   $919.74   6,750   $1,300,000   62   $1,295,000    3624 Bryant St   Palo Alto   3   2|0  7   35   1,318   $963.58   6,111   $1,175,000   59   $1,270,000    724 San Carlos Ct   Palo Alto   3   2|0  11   29   1,714   $740.96   9,450   $929,000   65   $1,270,000    3256 Clifton Ct   Palo Alto   3   2|0  8   15   1,122   $1,114.08   8,400   $998,000   59   $1,250,000    2046 Edgewood Dr   Palo Alto   3   2|0      1,589   $774.07   8,911   $1,199,000   55   $1,230,000    982 Lawrence Ln   Palo Alto   4   2|0  9   31   1,603   $767.31   6,420   $1,088,000   60   $1,230,000    670 Marion Av   Palo Alto   2   1|1  7   15   1,291   $952.75   7,475   $980,000   65   $1,230,000    3249 Morris Dr   Palo Alto   4   2|0  10   32   1,660   $739.76   6,400   $1,168,000   59   $1,228,000    836 Kipling St   Palo Alto   3   2|0  7   21   1,274   $961.54   2,800   $1,248,000   95   $1,225,000    14 Roosevelt Ci   Palo Alto   3   2|0  7   28   1,410   $852.48   6,080   $1,088,000   60   $1,202,000    886 Moreno Av   Palo Alto   2   2|0  9   14   1,480   $810.81   7,800   $988,000   65   $1,200,000    3837 Carlson Ct   Palo Alto   3   2|0  8   40   1,560   $737.18   7,000   $1,098,000   58   $1,150,000    931 Clara Dr   Palo Alto   3   1|1    3   1,302   $883.26   9,970   $1,150,000   58   $1,150,000    711 Kingsley Av   Palo Alto   3   2|0  8   29   1,215   $925.93   3,900   $1,125,000   91   $1,125,000    743 Moreno Av   Palo Alto   2   1|0  6   30   988   $1,062.75   6,600   $895,000   64   $1,050,000    1125 Oregon Av   Palo Alto   3   1|0  2   33   1,093   $743.82   6,000   $775,000   61   $813,000    741 Ellsworth Pl   Palo Alto   2   1|0  7   21   880   $875   4,596   $749,000   62   $770,000    111 Washington Av   Palo Alto   2   1|0  8   15   1,113   $664.87   5,625   $749,000   79   $740,000    575 Oxford Av   Palo Alto   1   1|0  10   6   600   $1,050   3,969   $599,950   57   $630,000     AVERAGE VALUES     7   26   1,712   $850.26   7,476   $1,308,974   57   $1,390,756       AVERAGE VALUES FOR ALL     7   26   1,712   $850.26   7,476   $1,308,974   57   $1,390,756

Quick Statistics ( 40 Listings Total)   Min Max Median List Price $599,950 $1,950,000 $1,296,500 Sale Price $630,000 $1,950,000 $1,315,500

So as you can see for homes on the market less than 12 days the average sale price was about ninety thousand dollars more than the average list price.   So, if you are in a multiple offer situation you may have to offer more than the asking price if you are going to get the house.

I am not saying that to do so is a great idea in all cases. but if you want to buy in Palo Alto right now in some cases that is the reality.

Next time I will go into some of the other considerations in a multiple offer situation.

Please feel free to contact me if you have any questions.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

 

Sunnyvale Short Sale: HAFA Limbo

Today I got a call from the listing agent on a Sunnyvale Short Sale where my buyer is waiting patiently. The agent said that the file went into HAFA limbo. A new wrinkle in short sale submission is HAFA elegibility testing.  When a short sale is submitted many banks are automatically sending the file for HAFA review, to see if the owner qualifies. The problem is that too often either the buyer does not qualify and you have lost 6-8 weeks waiting for a reply.  In this case the file just got lost in the HAFA department but the point here is that the banks are doing this automatically. The seller has to specifically ask to be taken out of the program when you submit the short sale package or it will go into auto review.  Since up to this point less than 10,000 HAFA short sales have been approved nation wide it is a real long shot. Since not only does the seller have to qualify, but the investors on the loan and all mortgage insurance holders have to approve the pay off.  It may be that the revamped HAFA program may have better success, but until I see those numbers I will not believe it.  My short sale sellers have opted not to roll the dice, but instead try to move on with their lives sooner rather than later.  So now I have another question to ask the lisiting agent before submitting a short sale offer, "Is the Seller applying for HAFA?"  If so, it is a good bet that there will be an extra 2 months added on to the short sale unless they get approved for the buyer, the price, and the investor's ok ahead of time. If not I will remind the listing agent to opt out.

If you have any questions about short sales please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E  01191194

650-619-9285

Federal Government Disclaimer (MARS):
1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Disclosing a Death in a Mountain View Trust Sale

California has a lot of disclosure laws for the protection of all parties in a real estate transaction, particularly buyers. There are buyers who do not want to buy a home where there has been a death on the property, and there is a disclosure obligation to disclose if there has been a death in recent years.  This works very well if the seller has to fill out the Seller's Supplemental Disclosure or The Seller's Property Questionnaire and Supplemental and Contractual Disclosure forms. But many trust properties are exempt from those disclosures, and many of those properties would be more likely to have had a recent death.  So what do you do if you want to know if there has been a death on a Mountain View home that is exempt from seller's disclosures?

The answer is really simple, ASK THE SELLER.  What you have to do is for you or your agent to ask the seller's agent to ask the seller directly if the owner died in the house.  While the trustee or executor does not have to fill out the written disclosure asking about a death, they do have to answer honestly. Trust me, the person selling the house will know.

The trust advisory that the buyer is supposed to sign when they make an offer tells you to do that. It says "If the Property is being sold because of the death of an occupant of the Property, and if Buyer has concerns about the manner, location, or details of the death, then Buyer should direct any specific questions to the seller."

so if you are concerned, ask.

If you have any questions about buyer or selling a property in Trust or Probate anywhere in San Mateo or Santa Clara Counties, please fell free to ask me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

650-619-9285

marcy@marcymoyer.com

DRE  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

My Mother Left Me 2000 Square Feet of Stuff in Her Atherton Home

My Mother Left Me 2000 Square Feet of Stuff in Her Atherton Home 

Memories can be housed in stuff, especially as people gets older and they find that objects are needed to jog their memory.  The problem is that very often when it is time to leave the place that has been home for 30, 40, or 50 years, there is wall to wall stuff. The plate on the wall that was handed down by great grandmother is probably not going to be wanted by great grandchild number 1. However, with the normal tensions that arise in settling an estate, and the enormous popularity of shows like Pawn Stars and Antique Road Show, many heirs believe that the house full of stuff they have inherited may be worth something.  Also, if you need to sell a probate or trust home in order to settle an estate this stuff needs to be cleared out.

In order to keep the peace in the family and to make sure that nothing is overlooked the most logical thing to do is get the personal contents appraised.  If the sale is a probate sale, this is already written into code. A probate referee will be in charge of making sure all of the personal effects are inventoried and appraised.  If the property is in a trust, the personal effects are the responsibility of the trustee of the estate.  If you are the trustee, get everything appraised and sold by a professional estate seller.  You can get a company like DGW to come in and take everything to their warehouse to be sold at multiple auctions.  Or you can have an estate sale at the house and then get rid of anything that does not sell.  The point is, get a professional who is trustworthy to sell things for the most that they can sell for.  If there is something valuable these people will know and it will keep the peace in the family.

My only other advice would be go through all the papers, envelopes, and furniture yourself. You never know where mom may have stashed cash for an emergency. You are more likely to find money that way, than in the antique piano that no one wants.

If you have any questions about trust or probate sales please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Open House This Sat/Sun 1 - 5!

Beautiful Home in an Ideal Location.
2908 Sevyson Court, Palo Alto




Welcome to this ideal home on a lovely cul-d-sac in south Palo Alto.   This lovely rancher has 4 bedrooms, 2.5 baths, a family room, dining room, attached 2 car garage, mature landscaping, a covered patio, hardwood floors,  new exterior paint, new light fixtures, corian kitchen counters, with an integrated kitchen sink,  and refaced maple cabinets.  This lovely Palo Alto neighborhood is ideal for the home buyer looking for a peaceful place to call home.

Offered at 1,200,000.00

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

What if I Want to Buy A Menlo Park House That Should Be a Short Sale But Isn't

What if I Want to Buy A Menlo Park House That Should Be a Short Sale But Isn't 

While much of the Bay Area has seen a large increase in the number of homes being sold as short sales there have not been very many Menlo Park homes or Palo Alto homes that are being sold this way.  However, as long the housing market has not appreciated back to the peak levels, and there are still people who need to sell homes that are worth less than the mortgages on them, short sales will be here, and possibly in increasing numbers.  So what happens when you find a home you really want to buy but it is priced higher than the market value and you can not get the seller to budge?

At this point it is time to get your realtor to do some investigation.  Find out when the home was purchased or refinanced, and for how much.  Add in the transfer taxes, closing costs, and commissions, and if that number is above the list price then what you have is possible ostrich seller. This seller has his/her heard buried in the ground and will not look at the realty of what is going on.  Maybe your agent can help, if your agent is an experienced short sale agent.

If your agent can convince the seller's agent to attempt a short sale you may be able to get the house.  Since it is unrealistic to expect that the seller will make any money on the house, if they have to sell you may be in luck. If they do not have to sell there is nothing you can do about it, but it is worth a try to see if they are in the former category.

It is very likely that if the house is in a more expensive city, like Menlo Park, Palo Alto, Atherton, Los Altos, the listing agent has never done a short sale and may need some coaching. They may not know that many short sales are being approved in 30 days or less, that hardships can include running out of savings or moving away. Ask your agent to have a sit down with the seller's agent and explain how a short sale works and why it might be worth a try.

Maybe you can help turn an ostrich into something more appropriate, like a flamingo.

If you have nay questions about Short Sales, please feel free to ask.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

Inspection Reports On an "As-Is" California Real Estate Contract

Inspection Reports On an "As-Is" California Real Estate Contract 

I recently got a newsletter from a mortgage broker at Princeton Capitol, confirming what I have been telling clients for the last 16 years.  If you are purchasing a home, or accepting an offer to purchase a home and the contract is "As-Is" do not discuss the specific inspection reports in the contract.  The reason for this is that if there is mention of a termite report, property report, etc. Fannie and Freddie are getting very picky about wanting to see those reports, and in the case of termite, they will want to see a clearance.  If you do not mention the report they will not need a termite clearance.  This does not mean that the buyer does not have the right to any inspections, they are just not specified on the contract.  

I know this is not logical. If a contract is "As-Is" then it means the seller is not going to make repairs, but the goal is to come to a mutual agreement and proceed with the sale.  Checking the box buyer will pay for a termite inspection can derail the sale, so just do not check the box, and the buyer can inspect to his or her's heart's content.

This is particularly important in Short Sales and Trust and Probate Sales where the seller under no circumstances can make any repairs before close of escrow.  It would be a shame to derail one of these deals over an issue that the buyer and seller agree on, but the lender for the buyer has a different policy.

If you have any questions about anything having to do with real estate in Santa Clara or San Mateo County, please feel free to ask.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Will a Bank Lower the Price of an REO Home after inspections?

Will a Bank Lower the Price of an REO Home after inspections? 

I got a call a few days ago from a buyer of a home in southern California. He made an all cash offer on a foreclosed property which was countered at a higher price because there was a second offer from and FHA buyer for more money. He agreed to the higher price and then did his inspections. there were a number of issues that made this buyer feel like he paid too much and wanted my advice about how to get the bank the lower the price. The FHA buyer was given back up position for the purchase of this home.

After telling this buyer that I would not interfere with someone else's contract and did not represent him, I said I could tell him what I would try if this happened to one of my clients.  FHA loans can have lower down payments than a conventional loan, but they come with conditions.  The home must meet certain conditions in order to qualify for a loan.  If it were my client I would make a list of the items that would most likely cause an FHA loan to be declined and ask the bank to subtract that amount from the accepted price. What the bank would get in return would be a cash offer that can close in a week and not have to deal with repairing the items necessary to get the FHA loan or putting the home back on the market.

Will it work? I don't know, but certainly it makes more sense than asking the bank t take less money because of the general condition of the property, especially when they have a back up offer.

What works better, get your inspections before making the offer, make the offer based on what you know if the condition of the property, let the bank know what is wrong with the property, and submitting an offer that is not contingent on a property inspection. It is a risk, but probably worth it when you know there are going to be multiple offers and you want to make a strong offer.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Santa Clara Short Sale and the Buyer's Pre-Approval Lette

Santa Clara Short Sale and the Buyer's Pre-Approval Letter 

One of my listings is a short sale in a lovely complex in Santa Clara.  It was only on the market about a week and I got 3 offers on it.  It was priced appropriately, looked good, and I had an open house on Sat and Sun. with plenty of traffic. My sellers signed one of the offers which included a good down-payment, a copy of the earnest money deposit, a pre-approval letter. All of this was sent to the lender by fax and I have been doing my weekly follow up every week. Nothing unusual here. After 3 weeks I was still waiting to hear from a negotiator.

So this morning when I called for my weekly update the service rep read me the notes on the file from the processor. She was asking for some updates, including an updated pre-approval letter from the buyer.  I looked at the date on the pre-approval letter and it was only a month old. this seemed like a new enough pre-approval to me. then I looked at the bottom of the letter which said the pre-approval was only good for 30 days, and guess what, the 30 days is up today. 

One thing I love about short sales is that every day I learn something new. I now know to check the expiration dates on the pre-approval letters. They, like the financial documents of the seller can expire and the lender needs to know that the buyer still qualifies.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

What Makes a Good (or Bad) Short Sale Buyer in Santa Clara County

What Makes a Good (or Bad) Short Sale Buyer in Santa Clara County 

Not everyone is cut out to be a short sale buyer. It is a long, and sometimes frustrating process. It is not for everyone. so how do you know what makes for a good short sale buyer, one who will stick it out for the duration and be committed to the process. Here are some attributes I think contribute to being a good short sale buyer:

1.  Really want the house, not just make an offer because it is a short sale so probably a "good deal"  It is difficult for the seller and listing agent to really access the buyer's motivation, but if you are a buyer trying to get a good investment property or a home it is a waste of your time and the seller's to make offers on homes you really do not want and are not willing to fight for.

2.  Does not have a problem with authority.  When you are involved in a short sale you have to do what the bank asks you to do. If you don't, the sale will not be completed. If you are a control freak and do not like to be told what to do, do not try to buy a short sale.

3. Is not in  a hurry. If you have a loan rate that is expiring in 30 days and you can not afford or do not want to pay an interest rate that is any higher than the approval rate do not make an offer of a short sale. Even "approved" short sales can take months so if you are in a hurry buy form a traditional seller.

4. Does not expect a house to be in perfect condition. short sales have to be sold "As-Is." the bank is agreeing to take a loss on the loan but will not pay for repairs. Do not expect them to.

5. Be ok with your price. Do not think you can negotiate a lower price once you are in contract, even if you find repairs are needed. The lender or investor may be willing to negotiate, but they often will not.

These are not the only attributes that make for a good short sale buyer, but they certainly are important.

If you have any questions about buying or selling a Santa Clara County or San Mateo County Short Sale please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Palo Alto Residents, Do a Second Gutter Cleaning

Palo Alto Residents, Do a Second Gutter Cleaning 

I hope all my fellow Midtown Palo Alto residents made it through the storm last night. It was pretty wild out there. Since it looks like we are in for a prolonged period of wetness I hope everyone gives their gutters a second cleaning for the season.  I know most people will get their gutters cleaned in Nov or Dec after the leaves fall and before the big rains.  However, since we are getting so much rain at the end of the season it is a good idea to get them cleaned again this week because there is probably a big accumulation of debri in them by now, and the rain could cause problems with the leaking into the house.

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Belle Haven in East Menlo Park Ca is THE place to invest Right Now

Belle Haven in East Menlo Park Ca is THE place to invest Right Now 

I have to admit that in a toss up for best picture between The Social Network and The King's Speech I was neutral.  I think they were both fantastic, with great scripts and acting for both. However, when it comes to investing in real estate, "The Social; Network" wins hands down.

You are probably thinking I am a little nuts right now, but there is a method to my madness.  Facebook has purchased the east Menlo Park Sun campus.  There are going to be many many young Facebook employess looking for a place to live close by. Facebook encourages their workers to live close, reduce commute time, and lower their carbon footprints.  Belle Haven is going to be the place of choice for many of these Facebookers.  There are a variety of home choices for investors to choose from including small apartment buildings, older, smaller homes that need fixing, occassionally a newer Green Home by Clarum comes up as a short sale, or occasionally older homes already fixed and ready to rent out.

So if you are looking for a place where the cost of housing is lower than in most other Silicon Valley neighborhoods and the potential for rental to well employed young professionals is high, then Belle Haven in east Menlo Park is the place to be.

Please feel free to contact me if you have any questions about real estate in Belle Haven!

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

How Many Cash Buyers In Palo Alto?

I was asked an interesting question recently. What is the percentage of cash buyers in Palo Alto?  It may not be what you think.

Homes under 1 million in the last year: 67 total  Sold with all cash:  9

Homes from 1-2 million:  255     Sold with all cash:  31

Homes from 2-3  million:  64  Sold with all cash:  20

Homes over 3 million:     21   Sold with all cash:    14

So despite what you hear about cash being king and so many buyers being beat out by all cash investors, in Palo Alto, a very high number of buyers are still purchasing homes with loans.

If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.

Marcy Moyer

Kelle Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Catch 22 In a Santa Clara County Wells Fargo Short Sale

Catch 22 In a Santa Clara County Wells Fargo Short Sale

Here's the problem. The buyers on my short sale listing want to close on March 23 because they have a great loan lock.  They make an offer on a one of my short sale listings on Feb 20th. The price had been previously approved but I tell them that I would be surprised if we will be ready on our end that quickly.  However, I have a great relationship with the negotiators for both loans. It was easy to do that. I always assume they are on my side until proven otherwise.  They are hired to move short sales through the system and to work with the investors on the loans to that. It is the investors that I get mad at, but I do not get to deal with them directly so they do not get to hear how mad I get at them sometimes.  In any case, my two negotiators got me a second approval in 3 days on the first loan, and 2 days later on the second. I think that is pretty remarkable! So we are all set on our side. They negotiators tell us that Service Link who is negotiating for the first through Indy Mac needs 48 hours to approve the final HUD1 statement, which specifies who is paying for what , and how much money the lender is getting from the sale.  Wells Fargo has the second, and they need one week.  So one week before the planned close date of March 23 my wonderful title officer, Lee Kocjan at Fidelity Title sends in the final HUD1 for approval with a close date of March 23.  

But of course, the buyer's loan docs are not ready.  The buyer's loan docs are finally ready on March 28th, but guess what the final approval for the second has expired. We have to send in a new HUD1 and get a new final approval.  But guess what, the buyer's loan docs will expire on March 31 and the county recording office isn't even open on March 31 because is is a local holiday.  So the loan docs will have to be re drawn, but by then the 2nd HUD1 approval letter will expire, and you can see the Catch 22 here.  

So the moral, DO NOT ORDER THE FINAL HUD1 APPROVAL FROM WELLS FARGO UNTIL THERE IS ABSOLUTELY NO QUESTION THAT THE LOAN DOCS ARE READY.

I would have done that, but I was trying to accommodate the buyer and their agent and by doing so they have a longer delay.

If you have any questions about short sales in San Mateo or Santa Clara County please feel free to contact me. I LOVE SHORT SALES even with their Catch 22s.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Bank Of America Loan for Menlo Park Short Sale Buyer: Is it Really Approved

Bank Of America Loan for Menlo Park Short Sale Buyer: Is it Really Approved 

I just had the strangest conversation with a B of A Lender for a Menlo Park Short Sale one of my buyer's is purchasing.  First I must say this is not the broker I normally deal with at Bank of America, but someone who came highly recommended to my buyer.  Two weeks ago this broker told me the buyer was approved and we just needed the appraisal.  Yesterday he tells me the appraisal came in fine.  So I ask the logical question, "Can my client remove his financing contingency or are there still conditions that concern you. The answer I get is "The loan is approved and we can close on time."  I ask again, can we remove the financing contingency and I get the same answer. After the third time I give up and ask the buyer to ask the broker.  

He gets the conditional approval back from broker and while most condiitons are no problem, there is one item on the credit report that was a mistake and could cause the loan to be denied.

It takes a lot to get me mad, but this did it.  The credit report was run 3 weeks ago. It takes time to fix problems. Whey did they wait 3 weeks to tell us? 

The moral here, the buyer needs to ask to see the conditional approval up front as well as the credit report.  Just because someone comes highly recommended, that does not mean they can not make mistakes. We all do, and if there are more than one set of eyes looking at documents there is a much greater chance that transactions will go smoothly.

If you have any questions about Short Sales, or any other real estate related issues please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Open Sun April 10 2-4

Are you looking for a large home with 4 bedrooms, a dining room, gas kitchen, family room, wood floors, air-conditioning, a first floor bedroom, private back yard, quiet street, not too old, in a convenient location, and under $700,000? It is possible to have it all, at this lovely home in the heart of Santa Clara. Just 20 years young and nicely dressed, this is beauty may be just what you are looking for. Come take a look! It is waiting for a new owner to enjoy all these creature comforts for the next 20 years.

Offered for $685,000

Open Sat 2/5/11

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Santa Clara Open House This Sunday! 1 - 4!

Are you looking for a large home with 4 bedrooms, a dining room, gas kitchen, family room, wood floors, air-conditioning, a first floor bedroom, private back yard, quiet street, not too old, in a convenient location, and under $700,000? It is possible to have it all, at this lovely home in the heart of Santa Clara. Just 20 years young and nicely dressed, this is beauty may be just what you are looking for. Come take a look! It is waiting for a new owner to enjoy all these creature comforts for the next 20 years.

Offered for $685,000

Open Sat 2/5/11

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales